Treasury Secretary Janet Yellen claimed that the federal government will not bail out Silicon Valley Bank.
NY Post composite / istock/ Getty Images
Diary of disturbing disinformation and dangerous delusions
Spot the difference:
“During the financial crisis . . . [banks] were bailed out . . . We’re not going to do that again.”
— Treasury Secretary Janet Yellen, Sunday
“[Yellen’s action] fully protects all depositors.”
— Treasury, Federal Reserve and FDIC statement, Sunday (hours later)
We say: Yellen & Co. didn’t bail out Silicon Valley or Signature banks’ owners, but they did bail out those of their customers who had uninsured funds (more than 90% of the deposits). That includes venture-capital-funded tech firms, cryptocurrency investors and even Chinese Communist Party-linked businesses. And though officials claimed taxpayers wouldn’t pay, banks are likely to charge average Americans higher fees and offer less service to cover the costs of repaying the FDIC.
“The [Obama] administration was scandal-free.”
— Former First Lady Michelle Obama, in a Mar. 7 podcast
We say: Scandal-free? Sure, let’s just forget about the IRS targeting conservatives, Benghazi, Fast & Furious, Hillary Clinton’s e-mail server, FISA warrants to spy on Trump folks and the entire RussiaGate hoax. Not to mention President Barack Obama’s monster lies like “If you like your health plan, you can keep your health plan.”
“I have faith in President Biden, Secretary Yellen and the Federal Reserve. They have all hands on deck to manage this and keep our economy sound.”
— Senate Majority Leader Chuck Schumer, Wednesday
We say: Is Schumer kidding? President Biden (along with other Dems, including Schumer himself) are the ones who helped trigger the nation’s economic chaos, including the bank crisis. Their debt-financed spending ignited inflation, forcing the Fed to jack up interest rates and sending bonds held by banks plummeting. If Biden, Yellen & Co. knew what they were doing, they wouldn’t need to summon “all hands on deck.”
We say: We know, anything the left dislikes is racist. Yet podcaster and ex-MSNBC host Touré’s claim that “woke” is now an anti-black slur flies in the face of even those on the left, including blacks, who see it as a badge of honor. NYC Public Advocate Jumaane Williams, for instance, used to wear a “Stay Woke” pin. Besides, most wokies, especially far-left progressives, are white. Yes, the right often slams wokeism — uber-progressives’ lunacy on, say, white privilege or climate change or their vile cancel culture. But how is that racist?
“Congressional Republicans should pass my budget instead of calling for . . . defunding the police.”
— President Biden, Tuesday
We say: Was Biden having another of his senior moments or was he outright lying, as he so often does? It’s never been Republicans who want to “defund the police” but Democrats. Indeed, as a candidate in 2020, Biden himself said police funds should “absolutely” be redirected. Recently, though, with polls (and elections) showing the nation sick of rising crime and demanding more law enforcement, and with his eye on a 2024 reelection bid, the prez is singing a different song.
— Compiled by The Post Editorial Board
silicon valley bank